A surging global demand for uranium as countries turn increasingly to nuclear power is causing a modern-day gold rush in Australia and increasing pressure on the opposition Labor Party to ditch its policy of banning new mines.
The dusty red Outback contains the world's largest known reserves of uranium and this month's deal to supply China has prompted a flurry of stock-market activity. Shares in mining and exploration companies are sky rocketing, helping push bourses to historic highs.
The deal to provide nuclear fuel to China, which plans to build dozens of nuclear reactors in the next 20 years, has intensified calls for Labor to drop its 'no new mines' policy.
Since 1984, the party has restricted uranium mining to just three operations - two in South Australia and one in the Northern Territory. Experts say it has put a stranglehold on the industry and allowed Canada to outpace Australia in global supply, despite having substantially smaller reserves.
Ric Klusman, a dealer at Aequs Securities, said investors were pinning their hopes on the ban being lifted.
'Uranium is the new gold,' he said, noting that shares in mining giant BHP Billiton, which controls the huge Olympic Dam mine in South Australia, had more than doubled from A$14.83 ($86) to A$30.95 over the past two years.